Table of Contents
Is pension given monthly or yearly?
A Pension provides people with a monthly income when they are no longer earning. Need for Pension: ➢ Decreased income earning potential with age.
Can I get pension after 5 years of service?
Individuals are eligible to receive pension once they have completed 10 years of service. However, individuals must attain the age of 50 years or 58 years to withdraw the pension amount.
What is pensionable salary?
Again, the pensionable salary was an average of 12 months’ pay before the date of the employee’s exit from the EPS. The amendments extended the period of calculation of average salary from 12 months to 60 months.
Do I get my pension if I quit my job?
Pension Options When You Leave a Job You can choose to take the money as a lump sum now or take the promise of regular payments in the future, also known as an annuity. You may even be able to get a combination of both. What you do with the money in your pension may depend on your age and years to retirement.
What is the pension amount given to BSNL pensioners?
The pension of BSNL pensioners/family pensioners, who retired prior to 10.06.2013 has been revised w.e.f. 01.01.2007 notionally with actual benefit w.e.f. 10.06.2013, by allowing the benefit of merger of 50\% DA/DR with Basic Pay/ Pension, effectively amounting to 78.2\% DA/DR for the purpose of fitment at par with the serving employees of BSNL.
What is the future of BSNL’s employees?
As per Business Standard, “Future recruitment in the company would be on contractual basis, saving the company pension payment in the coming years and several other allowances that the permanent employees are entitled to..” Another big blog for BSNL employees: VRS or Voluntary Retirement Scheme for BSNL employees can be scraped as well.
How many BSNL employees will be required to pay VRS?
Even if only half of the 55+ aged employees decide to opt for VRS, then BSNL will be required to pay 40,000 employees their VRS payments: 35 days of salary for each year of service and 25 days of the salary for the remaining years. On the other hand, MTNL has 22,000 employees out of which 16,000 will retire in the next 5-6 years.
What is the process of wage revision in BSNL?
In BSNL wage revision for BSNL Employees is done after the acceptance of PRC recommendation and through bi-lateral agreement with Unions/Associations and they have no legitimate claim to discuss for Pension Revision for Pensioners as the competent authority is the Govt. of India who through a cabinet note accord its approval for Pension Revision.